thank you for joining us. it is good to have you here. when we get a new president in this country or when we get a president re-elected for a new term, that president is inoculated. he or someday she is sworn in to start a new presidential term in january. that is why it is always so cold. january 20 is when it happens. that has only been true since the 1930s. up until the 1930s, presidents did not get inaugurated in january. they waited another two months and didn t get inaugurated until march. last time a president got inaugurated on the old day in march was march 4, 1933. that was one president franklin delano roosevelt cuts one in for the first time. that was also the last time we as a country would have to wait that whole four months after the election before we left the new president take over. after we had that first inauguration in march, 1933, we moved the date earlier and back to january. we actually had to amend the united states constitution in order to make
that whole four months after the election before we left the new president take over. after we had that first inauguration in march, 1933, we moved the date earlier and back to january. we actually had to amend the united states constitution in order to make the change. they call that amendment to the constitution they called it the lame duck amendment, because by moving the inoculation from march january, we were shortening the period and eliminating a long period after which the old president had been voted out, but before the new one started on the job the idea was obvious. it was to try to minimize the risk of crisis, confusion in terms of who was running the country. that was in case something happened the period between the
fdr was sworn in march were there and instituted that bank holiday on march 6. on march 12, he gave his first fireside chat. it was about the bank crisis. i want to talk for a few minutes with the people of the united states about banking . comparatively few who understand the mechanics of banking, but more particularly with the overwhelming majority of you who use banks the making of deposits and withdrawn checks, i want to tell you what has been done in the last few days and why it was done and what the next steps are going to be. first, let me state the simple facts that when you deposit money in a bank, it does not put the money into a safe deposit. it invests more money in many different forms of credit, bonds, commercial, mortgages